ADMINISTRATORS: SARGON CAPITAL PTY LIMITED

We were appointed Administrators by the Company’s Secured Creditor. Prior to our appointment Receivers had been appointed pursuant to the Secured Creditors General Security Deed (“GSD”) with Sargon.

Our role was primarily to investigate the Company’s affairs including it’s reasons for failure, determine a date of insolvency, liaise with the external administrators of the subsidiaries of Sargon including consideration of any potential proceed recoveries to creditors and prepare an Administrators Report to creditors in which we recommended the Company to be wound up in order for a Liquidator to conduct further investigations.

Since our appointment as Liquidators we have continued to progress our investigations into the Company’s affairs and liaised with the Receivers & Managers to consider further investigative actions.